Current Grads Will Retire 12 Years Late

posted by Kevin Spak, Newser Staff
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3 years ago

(NEWSER) – Your student loans won't just cost you money, they'll cost you years of labor. A new analysis from Nerd Wallet estimates that today's graduates won't be able to retire until they're 73, a full 12 years later than the current average retirement age of 61, thanks mostly to their debt loads. The median student graduates with $23,300 in debt, and will devote about 7% of their income to repaying it for the first 10 years of their career. "This prevents any meaningful contributions toward retirement," the site reasons.